Witan Investment Trust (LON:WTAN) uses a multi-manager investment approach to invest in global equities. Since 2004, it has allocated capital to eight to 13 external managers (currently 11), who all run high-conviction investment strategies and up to 10% of the fund is invested directly in collective specialist assets, which includes private equity. The multi-manager approach aims to generate an attractive NAV total return ahead of WTAN’s benchmark (a composite global equities index reflecting its chosen investment universe), as well as real dividend growth. NAV total return is ahead of its benchmark over one, three, five and 10 years.
Investment strategy: Outsourced and unconstrained
For its external managers, WTAN seeks to identify and procure high-conviction managers with strong track records in their areas of expertise focused on both growth and value in developed and emerging markets. WTAN’s benchmark index is a blend of FTSE equity indices, recently adjusted to include an allocation to emerging markets; its geographic weightings represent the broad universe of stocks from which the managers can build their respective portfolios. There is no constraint as to which stocks they own from within the universe. Gearing is tactically deployed – up to 20% of net assets is permitted; at end-February, net gearing was 11.0%.
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